Pandemic-proof? Strafford County sees record $319K median home sales price in April

Paul Briand Paul Briand

Thursday

May 14, 2020 at 10:50 AM

DOVER — Home sales in Strafford County flew in the face of the COVID-19 clampdown on the economy in April by recording not only a 25% gain in volume but the highest increase of all counties in the state.

The New Hampshire Association of Realtors trends report for April shows 107 single-family home transactions in the county. Though the number of closed sales is lower than the 111 sales recorded in April 2019, the volume this year was $39.7 million, 25.2% more than last year.

For residential condominiums, both trend lines – actual sales and total volume – was up in April over last April: 20 sales totaling $4.5 million versus 15 sales totaling $2.8 million, a 60.7% jump in volume.

"In April closings continued to happen and private showings with offers were happening on a continued basis," said Barbara Murphy, president of the Dover-based Strafford County Board of Realtors and a broker at Hourihane, Cormier & Associates in Rochester.

"Although some buyers and sellers might not have been able to complete transactions due to the pandemic, overall the real estate market in Strafford County has remained steady,” she added. “Sellers are ready when they are listing their property and the buyers are prepared.”

That 25.2% gain in volume outdid every other of the 10 counties in the state. The closest was Belknap County, which saw a 21.1% jump in single-family sales volume.

While the pandemic-induced shutdown has choked off several sectors of the economy, such as restaurants, residential real estate in Strafford County was not one of them.

"The real estate market in Strafford County continues to demonstrate that it is strong and active," Murphy said.

The principle of supply and demand that was true before the pandemic continues to play through the pandemic – because there is a shrinking supply of property for sale, prices for what is available tend to be higher.

In Strafford County, according to NHAR’s report, the median price of a home is $319,000, an all-time high. And, on average, it only took 38 days to sell a home. The national average, according to Zillow, can take up to 90 days. The average price of a condo was $209,000, and the days on market was 29.

"Based on the fact that there is a limited and low inventory in this county, should a transaction be unable to close there is another ready buyer for that property," Murphy said.

In Rockingham County, real estate sales volume was down for both houses and condominiums in April, while their median prices were up in April compared to last year.

NHAR data show 218 home sales in Rockingham County with a total volume of $105.6 million. That compares to April 2019, when 269 home sales accounted for $123.6 million in sales.

But the median price of $389,000 from last April rose to $416,000 this April, a high-water mark for median home prices in Rockingham County.

The same trend was true for condos in the county. The number of sales in April 2020 was 100 totaling $34.9 million. In April 2019, it was 118 sales totaling $38.3 million. Yet the median price of a unit rose from last year to this year from $260,000 to $305,000.

Statewide, the number of single-family sales was down 10.2% in the year-over-year comparison, according to NHAR data, and total volume declined by 5%. But the median price rose 11.5% to $325,000.

Determined as a non-essential business with Gov. Chris Sununu’s initial shut-down order in late March, he reversed course and deemed it as essential, but with several restrictions on how property can be bought and sold, including social distancing encounters with sellers and prospective buyers and no open houses.

"The agents of Strafford County have adapted to the COVID-19 protocols passed down by the state regarding real estate,” Murphy said. “Despite the fact that there are no in-person open houses being conducted offers were made and homes were purchased throughout the height of the pandemic in this area.

"Real estate agents thrive from personal contacts and meeting face to face with clients. The COVID-19 pandemic caused agents to use all the technology tools at their disposal, to add to their brand and to strengthen buyer and seller relations. It is uncertain what is ahead for the nation and for this area of New Hampshire, but, as we open back up and people begin to spend more time outside and in their community, we are hopeful that the real estate market will continue to gain strength and remain solid in sales."

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